Tata AIG, ICICI Lombard and Nippon Life have evinced interest for the profit-making insurance arm of Reliance Capital (RCap), joining several prominent financial companies from India and abroad in the race for RCap's assets. The final day to submit an expression of interest (EoI) was March 25 and the bidders will now get access to the latest information about RCap before they make financial bids.
Pushed to the corner by the deteriorating health condition of Telangana Rashtriya Samiti chief K Chandrasekhar Rao, the Congress on Wednesday night agreed to pass a resolution in the Andhra Pradesh assembly for the creation of a separate Telangana state, in a bid to defuse the current volatile situation. Addressing a press conference late on Wednesday night, Home Minister P Chidambaram said, "The process of creating a separate Telangana state will be initiated."
Brushing aside opposition from the Dravida Munetra Kazhagam and other parties in Tamil Nadu, Prime Minister Manmohan Singh on Tuesday met Sri Lankan President Mahinda Rajapaksa but did not give him any assurance on which way India will vote on a the United Nations Human Rights Council resolution for an independent international probe into rights abuses during the war with the Liberation Tigers of Tamil Eelam.
Jaypee Infratech's financial creditors on Monday deferred the voting process on Suraksha group's offer to acquire the realty firm and will decide later this week whether bids of Suraksha group as well as NBCC should be considered again. Days after NBCC strongly objected to the Committee of Creditors (CoC) rejecting its offer and also questioned the jurisdiction of Interim Resolution Professional (IRP) Anuj Jain, the creditors held a meeting to discuss NBCC's addendum to its existing offer. The CoC, at its meeting on Monday, decided to conduct voting on May 27-28 on whether both contenders -- Suraksha group and NBCC -- should be allowed to submit their resolution plans for Jaypee Infratech Ltd (JIL), which went into insolvency proceedings in 2017.
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The Pakistani parliament on Thursday expressed concern over the violation of the ceasefire on the LoC and called for a "constructive" engagement with India.
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
India and China held two days of military talks in an "open and constructive manner" for an early and mutually acceptable resolution of the remaining issues along the Line of Actual Control in eastern Ladakh and agreed to maintain peace on the ground.
The target was for banks to sell Rs 2 trillion worth of non-performing assets to NARCL, the so-called 'bad bank, by 2021-2022. Only 10 per cent of this has been executed.
"There is no alternative to dialogue, and somebody has to engage with somebody to find a way out and it stands true for J&K as well," she said.
On resolution of stressed cases, she said ICICI Bank has been taking the lead in several cases and was the first bank to refer a case to NCLT
India on Wednesday voted in favour of a draft resolution tabled in the UN Human Rights Council that condemns and strongly rejects recent "public and premeditated" acts of desecration of the Quran.
The RBI on Thursday filed an application for initiation of Corporate Insolvency Resolution Process (CIRP) against debt-ridden Reliance Capital at the Mumbai bench of the National Company Law Tribunal. The Reserve Bank had on November 29 superseded the board of Anil Ambani-promoted Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues. The central bank had also appointed Nageswar Rao Y (former executive director, Bank of Maharashtra) as the administrator of the company.
The 'India-Pakistan Peace Resolution', introduced by Congresswoman Sheila Jackson-Lee lists peace initiatives and talks between the two countries from the time of the then Prime Minister Atal Behari Vajpayee to the September 16, 2006 joint statement issued by Prime Minister Manmohan Singh and the then Pakistan President Pervez Musharraf.
Solicitor General Tushar Mehta, the Centre's key counsel in defending the abrogation of Article 370 of the Constitution, said on Monday the Supreme Court verdict upholding the government's August 5, 2019, decision will go down in history as the one that corrected a "Himalayan constitutional blunder" of gigantic proportions.
The corporate affairs ministry has asked its field officers to expedite the inspection of the books of Byju's and submit the report, a senior official said on Monday as trouble continues to brew at the edtech firm. The ministry, which is implementing the companies law, will decide the further course of action after receiving the report from its regional office. In July 2023, the ministry had asked the office of the regional director in Hyderabad to conduct an inspection of the company Think & Learn Pvt Ltd, which is registered in Bengaluru.
"We are preparing a note to pass a resolution in the Cabinet. After we finalise the note, it will be sent to the Law Ministry for legal vetting. I hope the note will be presented before the Cabinet within 20 days," Home Minister Sushilkumar Shinde told reporters in New Delhi on Monday.
Questioning the relevance of the electoral process amidst the ongoing turmoil, the women traders from various market associations, are contemplating a boycott of the polls with their major grievance being -- 'the nation forgot Manipur'.
The consortium of UAE-based businessman Murari Lal Jalan and UK-based private equity fund Kalrock Capital is rushing to restart Jet Airways' operations, even though differences have emerged over who will fund expenses before operations commence, sources said. The airline applied to the Directorate General of Civil Aviation (DGCA) for recertification of its air operator certificate in the last week of January. The regulator is likely to inspect the airline's preparedness to operate a flight in the middle of this month, after which it will be asked to operate a proving flight to demonstrate its ability to conduct flights safely and in accordance with rules.
The NCLAT said the RBI cannot restrict it from prohibiting banks from 'asset classfication' and observed that any change in this order would upset the entire resolution process of the IL&FS
Noting that partial results have been achieved in the peace process to normalise relations with India, Pakistan has said the time has come to move towards dispute resolution to settle Kashmir and other contentious issues.
The resolution also pushes back against People's Republic of China (PRC) claims that Arunachal Pradesh is PRC territory, which is a part of the PRC's increasingly aggressive and expansionist policies.
The resolution said the state will be called Bangla in three languages -- Bengali, English and Hindi.
The IRP has admitted 33 claims from banks worth Rs 8,462 crore, and is verifying Rs 15,044-crore claims from operational creditors and staff.
Pakistan on Thursday said India's stand that the Simla Agreement of 1972 supersedes earlier United Nations resolutions on Kashmir is not legally tenable even as it sought "serious negotiations" on all outstanding disputes.
The opposition Peoples Democratic Party Monday described the meeting between the foreign policy adviser to Pakistani Prime Minister Sartaj Aziz and the separatist All Parties Hurriyat Conference leaders as a 'welcome revival of the process initiated by the National Democratic Alliance government' and said that 'it should be carried forward in all its dimensions'.
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India was among the 11 countries that abstained from voting on the resolution in the UN Economic and Social Council.
Financial creditors shall submit their claims with proof by electronic means only, resolution professional Ashish Chhawchharia of Grant Thornton said in a public notice.
Despite Dharavi being located in the Mumbai North Central constituency and Mahalaxmi Racecourse in South Mumbai, the issues have caught the attention of all parties and their candidates.
Kishor posted a tweet 'thanking' Rahul Gandhi and Priyanka Gandhi for their 'formal and unequivocal' rejection of the NRC. He also reassured the people of Bihar that the CAA and NRC will not be implemented in the state. However, JD-U's ally BJP got rankled by Kishor's move and made contrary claims.
Finance ministry advises banks to invoke personal guarantees of all promoters whose companies have gone to NCLT for debt resolution.
"We will talk to the government and put forth our case. We have a strong case to plead for the resolution of Kashmir issue," former APHC chief, Mirwaiz Umer Farooq, said at a Friday congregation in Srinagar.
Among executives who have been approached are former president and CEO of IndiGo Aditya Ghosh, Wolfgang Prock Schauer, current president and Chief Operating Officer at IndiGo and Sanjay Kumar, Chief Strategy and Revenue Officer of IndiGo.
Media rights for the Indian cricket team is always a prized scalp and it was Viacom18 who bagged the deal on Thursday to broadcast India's home matches for the 2023-28 cycle.
As Ae Watan Mere Watan and Swatantra Veer Savarkar release this week, Utkarsh Mishra takes us down history and reminds us about India's freedom struggle.
Representatives of stressed companies could seek more time for submitting a resolution plan, provided there is appropriate justification, said legal experts, but getting an extension will not be automatic just because an NCLT Bench is on vacation.
This, the Congress said in its political resolution, was necessary as there were misgivings on the 'misuse' of EVMs to 'manipulate the outcome contrary to popular verdict.' The resolution called for reverting to the old practice of paper ballot as adopted by other major democracies to help restore the credibility of the electoral process.
NEET is a court-ordered examination, supposedly aimed at meritocracy. However, over the past years when the incumbent Narendra Modi government at the Centre began implementing it, it took on political and casteist colours, observes N Sathiya Moorthy.
The Reserve Bank on Thursday proposed tighter norms for treatment of wilful defaulters under which banks and other lenders will be required to examine all accounts with outstanding amount of Rs 25 lakh and more to see if the borrower is deliberately not repaying the loan. The central bank has issued a 'Draft Master Direction on Treatment of Wilful Defaulters and Large Defaulters' on which comments have been invited till October 31. According to Reserve Bank of India (RBI), the draft Master Direction expands the scope for regulated entities which can classify borrowers as wilful defaulters and broadens the definition of wilful default.
The Reserve Bank on Monday superseded the boards of Srei Infrastructure Finance as well as Srei Equipment Finance, citing concerns over governance and payment defaults, and decided to refer the two NBFCs for resolution under the insolvency law. This is only the second time in as many years that the Reserve Bank of India (RBI) is referring entities for the resolution process under the Insolvency and Bankruptcy Code (IBC) after taking first ever such step in the case of DHFL back in 2019. Superseding the boards of the crisis-hit Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed Rajneesh Sharma, former Chief General Manager of Bank of Baroda as the administrator to manage the affairs of the two companies.
NCLAT chairman Justice S J Mukhopadhaya dismissed the pleas against Ambani and officials after observing that consent terms agreed upon between RCom and minority shareholders for payment of dues cannot be a ground for initiation of contempt proceedings.
